Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 17 - No. 31)
Which of the following best describes the term 'drawings' in the context of a sole trader?
Cash invested by the owner.
Money taken out of the business by the owner for personal use.
The profits of the business.
The total business expenses.
Explanation
Drawings is money taken out of the business.
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